- Sateliot is a Spanish startup building a network of over 100 small satellites with global reach that will connect devices in remote, previously unserved areas.
- This is the EIB’s first venture debt operation with a Spanish space company and in the segment of satellite communications.
- The financing is part of the support the EIB is providing to European startups to help them develop cutting-edge space technologies and solutions.
- The operation is backed by the InvestEU programme to mobilise public and private sector funds in support of EU policy goals.
The European Investment Bank (EIB) has signed a €30 million loan with Spanish company Sateliot to co-finance the rollout of its constellation of over 100 LEO (Low Earth Orbit) satellites, providing internet of things (IoT) connectivity across the world.
The Barcelona-based startup is a pioneer in satellite communications and in the European “New Space” industry, where the private sector drives space exploration and commercialisation.
The company is rolling out a network of satellites that act like mobile telecom towers in low Earth orbit, providing 5G narrowband internet of things (5G-NB-IoT) connectivity to over 8 million devices in rural, oceanic, and other remote areas. Traditional mobile operators will be able to use this service to expand the coverage of their ground-based IoT networks to previously unserved areas.